Tanzania opens Africa’s first women’s bank

Once the bank is firmly entrenched, the founders plan to expand regionally and, eventually, across the continent.

Although the bank is just a few days old, plans are at advanced stages to open branches in other Tanzanian towns.

“Many women live in the countryside,” said Ms Chacha. “Trips to ATM machines are long and costly. We will make banking available through mobile phones, a service provided by a number of banks in Africa,” she said.

The bank, like several microcredit facilities, is yet another step towards the economic empowerment of women.

Margaret Sitta, the Minister for Community Development, Gender and Children, said the bank would continue to sell its shares to raise capital.

“Women are especially encouraged to buy shares,” she said, adding that the government offered Tsh2 billion ($1.2 million) to enable the bank start its activities.

Ukerewe MP Gertrude Mongella praised the achievement, saying it would bring “a true revolution to Kenya.”

She said it was an honour for Tanzanian women who have struggled over the years to see their dream come true.

She singled out Minister Sofia Simba and the late Salome Mbatia as among women leaders who played a key role in establishment of the bank.

The bank targets mainly women who have inadequate capital to grow their businesses.